Export growth

Domestic firms outpace FDI sector in export growthThe Saigon Times Daily A worker is seen at a factory of Viet Tien Garment Corporation. Domestic firms have outpaced the FDI sector in export growth in January-August - PHOTO: THANH HOA HCMC - Domestic enterprises have reported a growth rate of 17.4% in export revenue in the January-August period, while the rate of foreign direct investment (FDI) companies is 13.4%, which is considered a milestone for the trade sector, according to news website Vietnamplus, citing a report by the Ministry of Industry and Trade. In the eight-month period, domestic firms have exported US$45.1 billion worth of goods, while FDI firms have generated US$110.3 billion from exports, accounting for 71% of the country’s export revenue. The report stated that in August alone, the country has exported US$20.9 billion worth of products, up by 2.9% over last month and 5.5% year-on-year, taking the total export turnover since the beginning of the year to … [Read more...] about Domestic firms outpace FDI sector in export growth

Rice sacks at a factory in Bangkok, Thailand (Photo: AFP/VNA) Bangkok (NNT/VNA) - The Thai National Shippers’ Council (TNSC) has forecast export growth this year at between 8 and 9 percent, after June exports grew in almost every market and there was a smaller-than-expected impact from recent trade barriers. Exports in June extended a 16-month growth streak to over 21.7 billion USD, an 8.2 percent increase from the same month last year. Growth was reported in almost all markets, including Europe, Japan, China, India, the CLMV cluster of neighbouring countries and the US market, which saw record expansion. The only exception was the Middle East, where exports reported a third month of contraction due to political unrest. Nonetheless, the TNSC advised that risk factors include US trade barriers, exchange rate volatility, conflicts in the Middle East that could send oil prices higher, as well as the current price slump in certain agricultural products, such as rubber. The … [Read more...] about Thailand’s export growth forecast at 8

Textile-garment products are among the 20 items with export revenue of over 1 billion USD in the first half of 2018 (Photo: VNA) Hanoi (VNA) – Domestic businesses recorded a 19.9-percent rise in their exports over the first half of 2018, higher than the export growth rate among FDI firms of 14.5 percent, according to the Ministry of Industry and Trade (MoIT). Duong Duy Hung, Director of the MoIT’s Planning Department, said at a meeting on July 9 that this upward trend has been visible since the last few months of 2017, reflecting positive signals for the local economy. The positive export situation can be seen in the improved growth rate of the domestically invested sector compared to the foreign invested one, he said, elaborating that businesses totally invested with domestic capital shipped 33.07 billion USD worth of goods abroad over the last six months, up 19.9 percent year on year and higher than the 16.3 percent growth in the same period of 2017. Meanwhile, FDI … [Read more...] about Domestic firms surpass FDI sector in export growth

(VEN) - Associate Professor Pham Tat Thang from the Trade Research Institute under the Ministry of Industry and Trade talked about Vietnam’s export growth in an interview with Hoang Chau of Vietnam Economic News. Vietnam’s export turnover has experienced spectacular growth. How do you view the results? Exports have been a bright point in Vietnam’s economic picture in recent years. Total export turnover reached US$214 billion in 2017, compared with US$176 billion the year before. In addition to traditional markets, Vietnamese businesses have exported their goods to new ones. The difference in export turnover between traditional and new markets is not too big, while the structure of export goods has changed with an increase of high added-value items such as computers, telephones and electronic chips. Vietnam’s trade balance has had a spectacular reversal. In 2017, the country achieved a trade surplus of US$3.9 billion, helping Vietnam’s foreign … [Read more...] about Export growth could reach 20 percent in 2018: Expert

Illustrative image. (Photo: VNA) Hanoi (VNA) – With 15.8 percent growth in the first five months of this year to 93.09 billion USD, achieving export growth target of more than 10 percent for the whole year is feasible. According to the Ministry of Industry and Trade (MoIT), export turnover hit 19.2 billion USD in May, up 4.5 percent month-on-month and 7.1 percent year-on-year. Of which, 5.63 billion USD was from domestic firms, up 14 percent and the remaining from foreign-invested ones, up 4.5 percent. The highest growth was seen in fuel and minerals, soaring 35.9 percent, mostly driven by crude oil, up 110.5 percent from April. In the first five months of this year, domestic exports increased by 17.8 percent to 26.43 billion USD while exports of foreign-invested firms (inclusive of crude oil) moved up 15 percent to 66.6 billion USD. According to experts, the growth was thanks to positive signals in major markets such as the US, European Union and China, the global … [Read more...] about Vietnam likely to achieve 10 percent export growth this year

(VEN) - The export value reached US$54.3 billion in the first quarter of 2018, up 22 percent compared with the same period last year. The Ministry of Industry and Trade (MoIT) forecasts exports will reach US$235.5 billion by the year’s end, a 10 percent increase over 2017. Telephones are among the products with the highest export value In previous years, Vietnam often faced an export growth slowdown in the first quarter due to the Lunar New Year (Tet) holidays. This year, however, the first-quarter export results were satisfactory, paving the way for achievement of the annual growth target. The MoIT forecasts industrial products exports will increase in the second quarter given the strong growth of production material imports in the first quarter. The production index of the entire industrial sector was up 11.6 percent in the first quarter compared with the same period last year. As usual, the third quarter is expected to record exports of industrial … [Read more...] about Optimistic export growth forecast for 2018

Wood export growth recorded in most markets (Illustrative image. Source VNA) Hano​i (VNA) – Vietnam exported wood and timber products worth 1.48 billion USD to 38 markets in the first two months of 2018, a year-on-year rise of 38.3 percent. Growth was reported in most markets, including the US (29 percent), China (29.6 percent), Japan (34.5 percent) and the Republic of Korea (48 percent). Strong hikes were recorded in Switzerland (508 percent), Finland (486.5 percent), Turkey (187.6 percent), Saudi Arabia (187.4 percent), Malaysia (138 percent) and the Czech Republic (104.8 percent). Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) Nguyen Quoc Khanh advised wood companies to pay more attention to international standards to reach out further to the world. He noted that since major global wood producers are shifting to other industries, it would not be difficult for the Vietnamese wood sector to increase its market share in the global … [Read more...] about Wood export growth recorded in most markets

Illustrative image (Photo: VNA) Hanoi (VNA) – Hanoi has set a target of 7.5-8 percent in export growth in 2018 as compared to last year, which requires stronger efforts from both the industry-trade sector and businesses. The capital city raked in 1.04 billion USD from exports in January, up 24 percent from the same period last year. The revenue included 139 million USD contributed by the State sector (up 9.8 percent), 352 million USD from the non-State sector (up 16.6 percent), and 556 million USD from FDI firms (up 33.6 percent), according to the municipal Department of Industry and Trade. All key groups of commodities posted strong year-on-year export growth in January such as agricultural products (13.6 percent), computer components and peripheral devices (68.1 percent), transport vehicles and spare parts (12.7 percent), machinery and spare parts (21.8 percent), glass and glass products (25 percent). However, the sale of agricultural products to China is … [Read more...] about Hanoi targets 7.5-8 percent export growth in 2018

Textile export growth potential remains strongBy Van Nam - The Saigon Times DailyHCMC – The garment and textile industry has strong export growth potential but is facing challenges against the backdrop of domestic economic woes, said the Vietnam Textile and Apparel Association.Le Quoc An, chairman of the association, said at a meeting on textile export plans for the rest of the year in HCMC yesterday that exporters in the sector could still increase shipments as more orders from abroad had come.European countries and Japan have placed more orders than last year as importers want to increase stock for upcoming holidays, he said.The first six months of the year saw the industry obtaining total export revenue of some US$4.2 billion, a 20% year-on-year rise. The figure for all of 2008 is forecast to amount to about US$9.5 billion, up 22% from last year.An, however, cautioned the industry was struggling with challenges such as inflation, high interest rates, rising raw materials … [Read more...] about Textile export growth potential remains strong

Glutinous rice price dips despite strong export growthTrung Chanh CAN THO - Glutinous rice exports, especially to China, have grown significantly this year but the price of this kind of grain on the domestic market has plummeted sharply over the same period last year. Glutinous rice exports reached 74,000 tons in February, increasing by 23,500 tons over the same period last year. Particularly, sticky rice shipments to China amounted to 67,000 tons, an increase of 26,000 tons over the same period last year. In March, total glutinous rice exports reached 161,000 tons, up 43,000 tons over the same period last year and up 87,000 tons compared to the previous month. In particular, China imported 149,000 tons from Vietnam, up 35,000 tons year-on-year and up 82,000 tons month-on-month. Despite strong export growth, some traders in the Mekong Delta said sticky rice has edged down by VND1,200-1,300 per kilo over the same period last year. Tran Quoc Tuan, a rice trader in Long An … [Read more...] about Glutinous rice price dips despite strong export growth